Company law overrides family law concerns

The family court had no power to order a husband to transfer assets held by companies, of which he was the controller or sole shareholder, to settle his wife’s financial relief clam as the assets belonged to the companies.

The Court of Appeal so held (Lord Justice Thorpe dissenting) in allowing the appeal of the second to fourth defendants, Petrodel Resources Ltd, Petrodel Upstream Ltd and Vermont Petroleum Ltd, from the decision of Mr Justice Moylan dated November 16, 2011, whereby he ordered the husband, the first defendant, Michael Jenseabla Prest, to transfer or cause to be transferred…

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